17 years ago I wrote a book about my career, Confessions of a Real Estate Entrepreneur. I am now writing (almost finished) Confessions #2 - my deal life over the last 17 years. Going to self-publish. Quicker and easier.

Entrepreneurs: people who are willing to take financial risks so to maximize control over their lifestyle and destiny. The prospect of big reward is there too but ultimately the entrepreneur is about freedom. #entrepreneur #finacialrisks #entrepreneurialspirit

Every real estate entrepreneur had the shakes when he/she was buying her/his first property. It’s like learning to ride a bicycle but with no training wheels. Second is easier, then third and so on. Of course, it should never be too easy – that is when mistakes happen.

RISK:  Common sense says never take a risk that is existential.  But, the great entrepreneurs of our age had little common sense.  Jobs, Musk, Bezos never hesitated to go "all in".  What's crazy for most may seem perfectly reasonable to the entrepreneur with a big idea. #Risk

My favorite part of having a podcast is that I've been able to interview some of the absolute best people in the industry. James Randel is unequivocally one of them. James is the author of Confessions of a Real Estate Entrepreneur, a CRE book I've recommended countless times

Also trying to finish update of book I wrote a decade ago - Street Smarts... premise is that educational institutions need to do a much better job teaching real-world skill sets

Fascinated with entrepreneurs especially those who try something new. Love this quote: "At every crossroads on the path that leads to the future, tradition has placed 10,000 men to guard the past." Maurice Maeterlinck.

Almost done with my new book. Writing a chapter on yield maintenance contracts. Contracted to sell a property just before COVID. 3 months later - because of historical reduction in interest rates - my break fee went from essentially 0 to $2 million. Very painful.

As I try to finish my new book, I have been re-reading sentences from other books that had a great effect on me such as: "Life is difficult. This is a great truth. It is a great truth because once we truly see this truth, we transcend it." Road Less Traveled, Scott Peck.

as I finish my new book, I am thinking a lot about why I made certain mistakes in my career. what's bothering me is that there is a common theme... ray dalio argues for constant self-assessment. starting to make sense.

2024 should move in sellers' favors... lower interest rates mean lower cap rates... most simply, increases the value of an income stream.

Understanding how to utilize ground leases (as opposed to an outright purchase) is a critical skill for the real estate entrepreneur. Big plus is the ability to deploy capital in other ways (instead of acquisition) while still tying up a property for (hopefully) 50 years.

How much to you have in savings? Housel, The Psychology of Money: "Saving is a hedge against life's inevitable ability to surprise the hell out of you at the worst possible moment."

Every entrepreneur has to come to grips with his or her comfort level with risk - where is the break point? Greatly influenced by Morgan Housel's book, Psychology of Money. Will summarize in the posts ahead.

Getting close on difficult deal. Very nervous. From book, Endurance, about Shackleton effort to circumnavigate the Antarctic: "Three days more. And so that particular brand of anxiety, born of an impossible goal that somehow comes within reach, began to infect them."

Great real estate entrepreneurs are like great golfers ... when they are in a bad spot, they know what to do. And sooner or later, most of us will be behind a tree at some point in our career.

Writing a chapter on Real Estate Ethics.... is that an oxymoron? I don't think so. I think there are ways to play the game that maximize your position without hurting another. What about re-trading after a long contract period? Very common today.

Real estate players need to understand subordination - the act of voluntarily moving your existing lien so that another lien can go ahead of yours (in recording sequence). This of course has consequences to the strength of your position but, at times, it can be to your benefit.

have this theory that uber-entrepreneurs are driven by some kind of chip on the shoulder - maybe height (bezos, zuckerberg, wozniak, altman (Open AI)), maybe difficult childhood (Musk), maybe up for adoption (Jobs), developing an entrepreneurial self-assessment test.

Almost finished with new book. Did not realize how much I had to relate. Lots of deals - some good, some not. Also research into the entrepreneurial spirit. Not all about money. Sometimes to address a perceived deficiency or slight.

A big thanks to Triple Net Investor for his kind words about my book (Confessions) ... and for getting me back on Twitter. Writing a new book and will send first copy to my friend, Triple Net. @TripleNetInvest